The Commissioner of Taxation (Commissioner) has power pursuant to section 255-15(1) of Schedule 1 to the Taxation Administration Act 1953 (TAA) to permit a taxpayer to pay off its tax debts by instalments in accordance with a payment arrangement. The recent Federal Court decision of Stojic v Deputy Commissioner of Taxation  FCA 483 (Stojic), which dismissed an application by the sole director and shareholder of the taxpayer company to review a decision by the Commissioner to decline to exercise that power, provides two important lessons.
Amongst the tidal wave of criticism of the financial planning industry in the wake of the royal commission, education and ethical standards is one area a new amendment to the Corporations Act will seek to address from 1 January 2019.
The Full Bench of the Fair Work Commission handed down an important decision on 26 March 2018, confirming that it will grant award covered employees an entitlement to unpaid family and domestic violence leave.
On 8 February 2018, the Government released for public consultation exposure draft legislation to implement the 2017 Budget announcement to improve the integrity of the small business capital gains tax (CGT) concessions.
Parents must carefully consider their ongoing responsibility for school fees after divorce.
The cost of private secondary school fees – along with those at the primary schools that act as feeders for them – can cause complications even in intact relationships. When couples are separating or divorced, the question of who is responsible for what percentage of school fees can become significantly complex.
‘Climate-related risks’ have moved from a corporate buzzword to an actionable obligation for company directors, who should consider these risks in the context of their organisation and understand that a failure to act with regards to a climate-related risk can result in a contravention of the Corporations Act 2001 (Cth) (Act).
Player safety, fairness, and the integrity and composition of sport are all vital factors to consider in the creation and implementation of effective sport policies and procedures. Clear policies as part of a club’s governance framework provide a club, association or sport generally with guidelines to decision-making, and are an important step to mitigating potential risks that may arise.
At the SMSF National Conference we heard James O’Halloran, Deputy Commissioner of Superannuation give a speech outlining the areas of focus for the balance of the financial year. The speech confirmed that a key component of the ATO is education to prevent breaches before they occur, especially in light of the recent superannuation reforms, but with some specific enforcement priorities.
In 2017, the Gforce Group (incorporating People@Work) commissioned a research project to understand trends within workplaces in Geelong, with information collected through interviews with human resources representatives from medium to large organisations.
All businesses increasingly rely on other service providers to deliver their products and services, and even a small business will have a surprisingly large supply chain made of many large and small suppliers (who of course have many of their own suppliers).
In a Fair Work Commission hearing in December 2017, Deputy President Val Gostencnik found that under Australian law, Uber drivers are independent contractors, and therefore ineligible for unfair dismissal protection.
Not every small business owner has the time to think through legal issues that could make or break their business. However, there are some important legal tips that every business owner should be aware of to avoid time consuming and expensive issues down the track. To assist the time poor, we have put together 10 legal tips to help small business mitigate business risk and achieve their commercial goals .
Equity crowd funding has taken some first, tentative practical steps. The new crowd-sourced funding (CSF) regime that started at the end of October 2017 - designed to reduce costs and red-tape for start-ups and SMEs looking to raise capital from a large number of small investors – is still being tweaked, as proprietary companies were excluded from eligibility. This will be rectified with a bill currently before the Parliament.
The Australian Securities & Investments Commission (ASIC) has released a media release warning the financial advice sector about the consequences of binding death benefit nominations (BDBNs) not being signed and witnessed correctly.
In a move welcomed by SMSF trustees (and their advisors!) the ATO has announced the extension of the lodgment date for self managed superannuation fund (SMSF) annual returns for the 2016/17 year to 30 June 2018. The ATO has confirmed that because 30 June 2018 falls on a Saturday, lodgment can occur on Monday 2 July 2018 without penalties.
Do you own a unit in Noosa, a villa in Tuscany, or a ski-lodge in Japan, or hanker for such luxuries? It is increasingly common for people to own assets in other states or other countries. This can create complications for their wills and estates.
A broad interpretation of the definition of a retail lease in Victoria has again been supported by the courts. Section 4(1) of the Retail Leases Act 2003 (Vic) (RLA) defines 'retail premises' to include 'the sale or hire of goods by retail or the retail provision of services' but does not further define these terms.
Cyber security experts counsel us that it’s a matter of when, not if your data will be compromised in some way either maliciously or by accident. The opportunity for personal information to be lost only increases as businesses store greater and greater amounts of electronic information and outsource marketing, HR and operational activities to third parties without considering how they will protect information entrusted to them.
In Commissioner of Taxation v Miley, the Federal Court overturned a decision of the Administrative Appeals Tribunal (AAT) concerning the method for valuing shares in applying the maximum net asset value (MNAV) test in s 152-15 of the Income Tax Assessment Act 1997.